Thesis (M.A.)--Georgia State University, 2007. / Title from file title page. Carrie L. Manning, committee chair; Scott E. Graves, Charles R. Hankla, committee members. Electronic text (49 p.) : digital, PDF file. Description based on contents viewed Apr. 3, 2008. Includes bibliographical references (p. 45-49).

Zugl.: Ilmenau, Techn. University, Diss., 2005.

Thesis (Ph. D.)--University of California, Santa Cruz, 2000. / Typescript. Includes bibliographical references.

Thesis (Ph. D.)--University of California, Berkeley. / Some pages duplicated and some page numbering repeated. Includes bibliographical references.

Thesis (Ph. D.)--University of Texas at Austin, 1983. / Vita. Includes bibliographical references (leaves 526-592).

Thesis (Ph. D.)--University of Missouri-Columbia, 1989. / Vita. Includes bibliographical references (leaves 203-215).

Since the international debt crisis arose in 1982, various forms of debt relief measures have been applied by international creditors to alleviate the difficulties encountered by most developing countries in meeting their financial obligations. Renegotiation of external debts within the framework of official and private creditor clubs, however, has become the widely acceptable procedure in recent years. A sine qua non to this process is the entry by a debtor state into a stand-by arrangement with the International Monetary Fund. Compliance with the terms of the stand-by arrangement is closely linked, either in a formal or informal manner, to the enforcement of bilateral loan rescheduling agreements with creditor governments and syndicated loan agreements with private commercial banks. The crux of IMF financing is a commitment by a debtor state to implement economic policies aimed at improving the latter1s balance of payments position. However, the impact of these economic austerity measures upon the political stability of the debtor's government and the living standards of its citizens has generated an attitude of reluctance among the leaders of several developing countries to consult the IMF in accordance with current renegotiation procedures. In this thesis, the writer will examine the salient legal and political issues arising from the practice of international creditors in using compliance with the terms of the IMF stand-by arrangement as a parallel condition under their loan agreements with a debtor state. Three main arguments have been considered by this writer in shedding light upon this study. Firstly, the assumption that compliance with the terms of the IMF stand-by arrangement constitutes an international obligation is not in accord with the law and practice of the IMF. Any inference of breach entailing state responsibility, therefore, is unwarranted on account of the characterization of the IMF stand-by arrangement as a non-binding instrument. Secondly, a debtor state experiencing extreme economic hardship may be justified under international law to take unilateral action having the effect of deviating from the stand-by arrangement provisions. It will be argued in particular that the principle of "freedom for payments" embodied in stand-by arrangements is subject to an exception applying the rule of a state of necessity under international law. Finally, it will be argued that the political sustainability of economic adjustment for debtor states through the stand-by arrangements could be enhanced by incorporating human rights principles as a juridical standard for adjustment policies formulated in consultation with the IMF. / Law, Peter A. Allard School of / Graduate

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Thesis (Ph. D.)--University of California, Berkeley, 2003. / Includes bibliographical references (leaves 264-276).

The mixed results of International Monetary Fund structural adjustment programmes in less developed countries are a major motivation for this research. Explanations must be advanced as to what may inhibit the success of such programmes. South Africa has often found itself in a precarious position- with a deteriorating balance of payments, a position similar to other countries that have accepted IMF loans. Furthermore, South Africa undertook an IMF loan in 1993. Financial support from the IMF incorporates structural adjustment programmes. These may include measures such as tighter monetary policy, reduction in the budget deficit, exchange rate devaluation and ceilings on domestic credit with increased interest rates (Ferguson, 1988). These policies illustrate the principle of ‘conditionality,’ whereby access to further loans is conditional on certain criteria being met, such as reduced budget deficits and inflation rates. The principle of conditionality has met with a great deal of criticism. Bacha (1987) and Dell (1982) argue that these aggregate demand-reducing conditions more often than not stagnate domestic economies, worsening the balance of payment and result in programme breakdowns. Essentially, they refer to the IMF conditions as ‘unrealistic.’ The IMF denies this, arguing that shortfalls are mainly due to a lack of political commitment to carry out its conditions (Winters, 1994). This issue of conditionality will be examined in detail, using three specific case studies. The aim of this study is to examine the characteristics of Brazil, Mexico and Zambia to see whether or not the IMF programmes were successful. Guidelines will be established for South African policy from these case studies. South Africa is trying to adjust to the competitiveness of the international economy. At the same time, the need for reconstruction and development exerts increasing pressures on the balance of payments. Guidelines are established for a successful economic adjustment for South Africa. The research concludes that South Africa is certainly in line for a successful transformation. The rigidities are not as extensive as has been the case in Brazil and Zambia. Institutionally, South Africa is sound. However there are still challenges in this area, such as export diversification and economic stability to attract foreign investment.